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|Arnold Kling at TU - Trial and Error vs. Technocratic Planning - Arnold Kling|
Dr. Arnold Kling gives a talk at the University of Tulsa on the importance of market-based trial and error learning versus centrally planned solutions. Dr. Kling suggests that even when markets fail, they provide greater flexibility and adaptivity than centrally imposed solutions. He applies this to the idea of competitive government, where "exit" (common in markets, but uncommon in government) rather than "voice" (common in government, but uncommon in markets) would play a major role.
Keywords: economics; markets; government; financial crisis; freddie mac